4 THE SLOVENIAN CASH CHANGEOVER

On 1 January 2007 banknotes and coins €201, and 450,000 euro coin kits for private were put into circulation in . After a households, each worth €12.52, were prepared dual circulation period of two weeks, they had in order to ensure the widespread distribution fully replaced the Slovenian tolar banknotes of coins before the launch. By the end of 2006 and coins. Banka Slovenije had frontloaded to banks 100% of the and coins needed for the In preparation for this event, the Governing cash changeover, paving the way for a smooth Council on 14 July 2006 adopted a guideline on and rapid changeover. certain preparations for the euro cash changeover and on frontloading and sub-frontloading of Another factor contributing to the efficiency of euro banknotes and coins outside the euro the cash changeover was the quick conversion area.16 This guideline, which largely mirrors the of automated teller machines (ATMs) and point- legal framework adopted for the cash changeover of-sale (POS) terminals: all publicly accessible in 2002, formed the basis for Banka Slovenije’s ATMs and all POS terminals were converted on national cash changeover framework. the first day of the changeover. The conversion of vending machines was completed within 15 Banka Slovenije established the legal framework days. for parties involved in the frontloading and sub-frontloading of euro banknotes and coins in Article 52 of the Statute of the ESCB requires Slovenia. Procedures and methods were also the Governing Council to take the necessary put in place for the exchange of tolar banknotes measures to ensure that banknotes denominated and coins for euro banknotes and coins, and the in which are irrevocably fixed to the conditions for transport, storage, security, the euro be exchanged by the euro area NCBs at par provision of collateral and statistical monitoring value. In line with this requirement, and were set out. following the adoption on 24 July 2006 of Guideline ECB/2006/10 on the exchange of To prepare for the cash changeover, as well as banknotes after the irrevocable fixing of to cover the estimated national demand for the exchange rates in connection with the whole of 2007, the provided Banka introduction of the euro17, the euro area NCBs Slovenije with a total of 94.5 million euro ensured that, for the first two months of 2007, banknotes, with a face value of €2,175 million, banknotes denominated in tolar, up to a value from its stocks. For geographical and logistical of €1,000 for any one party/transaction on a reasons, the Oesterreichische Nationalbank given day, could be exchanged for euro at par performed the physical delivery on behalf of value in at least one location in their respective the Eurosystem. Following a public tender, countries. Banka Slovenije will redeem tolar Slovenia’s were produced by Mint of banknotes for an unlimited period and tolar Finland. A total of 296.3 million euro coins coins for ten years. were minted, with a face value of €104 million. THE INFORMATION CAMPAIGN ON THE Banka Slovenije began frontloading euro coins INTRODUCTION OF THE EURO to credit institutions on 25 September 2006 and euro banknotes on 29 November 2006. In 2006 the ECB, in cooperation with Banka Sub-frontloading, i.e. the delivery of euro Slovenije, organised an information campaign banknotes and coins to professional third parties in preparation for the introduction of the euro (such as retailers and the cash-operated machine in Slovenia on 1 January 2007. The objective of industry) by credit institutions, took place in

the course of December. In parallel, 150,000 16 OJ L 207, 28.7.2006, p. 39. euro coin starter kits for retailers, each worth 17 OJ L 215, 5.8.2006, p. 44.

ECB Annual Report 132 2006 the information campaign was to familiarise cash handlers and the general public with the visual appearance and security features of the euro banknotes and coins, as well as the cash changeover procedures. As part of the campaign, more than 700,000 information leaflets produced by the ECB on the euro banknotes and coins, together with a calculator provided by Banka Slovenije, were sent to Slovenian households. Posters and a credit card-sized leaflet depicting the security features of the euro banknotes were distributed, as were guides for people who regularly handle cash at work. Furthermore, the Slovenian business community was provided with first-hand information on the visual appearance and security features of the euro banknotes and coins to be used in its own information material. A two-day seminar for representatives of the Slovenian media was held at the ECB and provided in-depth information about the organisation, responsibilities and activities of the ECB and the Eurosystem. Subsequently, a “€ Conference Slovenia 2007” was organised by Banka Slovenije in cooperation with the ECB in order to provide a forum to exchange experiences and foster dialogue on the economic impact of the euro introduction and on the cash changeover. The conference, which was held on 15 January 2007, was attended by representatives from the business community, public authorities and the media.

ECB Annual Report 2006 133